Puerto Rico

Economy - overview: Puerto Rico has one of the most dynamic economies in the Caribbean region. A diverse industrial sector has surpassed agriculture as the primary locus of economic activity and income. Encouraged by duty-free access to the US and by tax incentives, US firms have invested heavily in Puerto Rico since the 1950s. US minimum wage laws apply. Sugar production has lost out to dairy production and other livestock products as the main source of income in the agricultural sector. Tourism has traditionally been an important source of income for the island, with estimated arrivals of nearly 3.9 million tourists in 1993. GDP: purchasing power parity - $31.6 billion (1996 est.) GDP - real growth rate: 3% (1996 est.) GDP - per capita: purchasing power parity - $8,200 (1996 est.) GDP - composition by sector: agriculture: NA% industry: NA% services: NA% Inflation rate - consumer price index: 5.1% (1996 est.) Labor force: total: 1.3 million (1996) by occupation: government 22%, manufacturing 17%, trade 20%, construction 6%, communications and transportation 5%, other 30% (1993) Unemployment rate: 14% (FY95/96 est.) Budget: revenues : $5.1 billion expenditures: $5.1 billion, including capital expenditures of $NA (FY94/95) Industries: pharmaceuticals, electronics, apparel, food products; tourism Industrial production growth rate: 5% (1994 est.) Electricity - capacity: 4.47 million kW (1994) Electricity - production: 16.82 billion kWh (1994) Electricity - consumption per capita: 4,231 kWh (1995 est.) Agriculture - products: livestock products, chickens; sugarcane, coffee, pineapples, plantains, bananas Exports: total value : $22.9 billion (f.o.b. 1996) commodities: pharmaceuticals, electronics, apparel, canned tuna, rum, beverage concentrates, medical equipment partners: US 88% (1995 est.) Imports: total value: $19.1 billion (c.i.f. 1996) commodities: chemicals, clothing, food, fish, petroleum products partners : US 62% (1995 est.) Debt - external: $NA Economic aid: none Currency: 1 US dollar (US$) = 100 cents Exchange rates: US currency is used Fiscal year: 1 July - 30 June